Governance

The values embodied in our vision and philosophy guide the actions of the people of the V-Technology at all levels and in all parts of the world. The value of vision and philosophy extends to our accounting and financial reporting responsibilities. Our management is responsible for timely, accurate, reliable and objective financial statements and related information.
As such:

• We maintain a well-designed system of internal accounting controls.

• We encourage strong and effective corporate governance from our Board of directors.

Accounting controls

Our professionally trained internal auditor monitors our system of internal accounting controls. This system is designed to provide reasonable assurance that assets are safeguarded and that transactions and events are recorded properly. Our internal controls include self-assessments and internal and external audit reviews of our operating companies, which concludes with our "Management's Report on Internal Control over Financial Reporting," printed in our securities report.

Independent auditor

Deloitte Touche Tohmatsu, an independent registered public accounting firm, performs an integrated audit of our consolidated financial statements and internal control over financial reporting. Their opinions, as stated in the "Report of Independent Registered Public Accounting Firm" are based on their audits and are printed in our securities report.

Audit committee of our Board of directors

The Audit Committee is composed solely of independent directors with the financial knowledge and experience to provide appropriate oversight. They meet regularly to review internal control matters as well as key accounting and financial reporting issues. The Audit Committee also meets regularly.

Business results

Our executive committee reviews financial results and develops strategies and initiatives for long-term growth. The Committee's intent is to ensure objectivity in our business assessments, constructively challenge the approach to business opportunities and issues, and monitor our business results and related controls.